Melco Crown Entertainment is to develop a billion-dollar integrated casino resort in the Philippines through a new partnership with Belle Corp.
The Macau-based casino operator has been brought in to work with Belle and its subsidiary, PremiumLeisure and Amusement, in developing its resort in Paranaque, Manila. The two companies have signed a memorandum of agreement forming a new consortium to under which they will create a “premier” resort complex.
Melco Crown, or an affiliated party, is likely to operate both the gaming and non-gaming operations.
Belle agreed to work with Melco Crown, which it described as “a formidable integrated resort developer,” in order to “harness its expertise, global network, and resources” to further enhance the value of the development.
State-run gaming operator and regulator PAGCOR requires each licence holder to commit at least $1bn in developing gaming facilities as part of its Entertainment City strategy. Melco Crown anticipates investing around $580m in the project, part of which will be funded by a loan facility.
PAGCOR has issued four licences for the project, including one to Kazuo Okada’s Universal Entertainment Corp.
